For those looking to start a Virginia business, it is essential you operate your business through an asset protection entity like a Virginia limited liability company. This is required to protect yourself because entrepreneurship, while very exciting, is also full of risks and liability potential you must plan for. Virginia is well known as a state that is always encouraging new business creation. The Virginia legislature has its pulse on the Virginia business community and is always looking for ways to provide incentives and protection to help with this growth. The Virginia Limited Liability Company Act was passed to address enormous obstacles for one to start a business. It is a pro-business law that has really helped in this area. By using an LLC in Virginia, you are not automatically liable personally for the debts, lawsuits and other liability of your business. The law creates a layer of protection for you. This is so important today when small business lawsuits are such an epidemic. The Virginia laws also made it very affordable to get this protection. Filing fees are minimal to create a Virginia LLC with the state. Another important benefit is that the law saves business owners from having to comply with large and complex administrative compliance. While corporations have these as safeguards for bigger and more complicated businesses, the small business has no need for these. As a result, business owners can spend the time they need to focus on their business and serving their customers. Operating and maintaining a Virginia limited liability company is easy once you understand basic fundamentals. While you should keep some documentation in a records book, the process for generating such paperwork is simple. Small business owners also needs flexibility. When it comes to the most productive and effective way to build a business, Virginia business owners have the flexibility to create the right ownership and management structure for their situation. The Virginia LLC laws allow for this. Another government entity that has offered incentives to a Virginia limited liability company is the Internal Revenue Service. As a result of regulations passed in 1997, an LLC has the most choices and opportunity for tax planning over any other business structure. Most importantly, it automatically qualifies for a single layer of pass through taxation so you can avoid the double taxation of C corporations without having to make elections or continue to monitor compliance of S corporation rules. As you can see, the Virginia LLC is the ideal entity for one who wants to start a small business in Virginia. Choosing a protective legal entity is just the first step and the Virginia legislature makes it an easy and affordable choice.
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